Chicago, Oct. 24 – AB Private Credit Investors LLC priced $432.34 million in a collateralized loan obligation being issued by ABPCI Direct Lending Fund CLO XV Ltd./ABPCI Direct Lending Fund CLO XV LLC, according to a presale report.
The notes will mature on Oct. 30, 2035.
The CLO consists of $225.65 million of class A-1 senior secured floating-rate notes at SOFR plus 240 basis points, $20 million of class A-2 6.92% senior secured fixed-rate notes, $39 million of class B senior secured floating-rate notes at SOFR plus 330 bps, $38.79 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $30.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 640 bps, $21.55 million of class E senior secured deferrable floating-rate notes at SOFR plus 860 bps and $57.15 million of subordinated notes.
AB Private Credit Investors LLC will manage the collateral through the end of the reinvestment period on Oct. 30, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Oct. 30, 2025.
SMBC Nikko Securities America Inc. was the placement agent.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO XV Ltd./ABPCI Direct Lending Fund CLO XV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $432.34 million
|
| Maturity: | Oct. 30, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | SMBC Nikko Securities America Inc.
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | Oct. 30, 2025
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 31
|
|
|
| Class A-1 notes
|
| Amount: | $225.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.92%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $38.79 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.55 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 860 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $57.15 million
|
| Securities: | Subordinated notes
|
|
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